Chinese electric vehicle specialist BYD partners with Macquerie over electric trucks in Australia
BYD is a standout performer in the electric vehicle space. It’s outfitted a number of Chinese cities with electric bus fleets, providing cleaner, greener, public transport, and has a done the same for a number of European and Latin American cities too. Now, it’s moving into Australia… but rather than busses, the company is partnering with Macquerie Group to bring its electric trucks to the country.
BYD’s share price has increased by 5% over the last five days
Source: Yahoo Finance
A release over the partnership said that BYD expects “its electric trucks will achieve competitive lifetime costs with those of the current fleet of diesel trucks.” It’s a significant move towards electrification on Australian roads, and the T5 and T6 electric truck models on offer are the first ones to enter the country. BYD says they can travel 300 km on a single charge, and are targeted at small to medium logistics companies in the country.
BYD says that the higher price for these vehicles is off-set by savings on fuel. According to the company, trucks that drove 50,000 km per year would see annual savings between $6,000 and $10,000. Of course, these companies won’t just be saving their bank balances – they’ll also be helping to save the environment, running with zero tailpipe emissions.
Macquerie Group, who is facilitating BYD’s entrance to the Australian market, will be offering a financial model that makes it easier for customers to purchase the comparatively high-cost vehicles. In a statement, Scott Simpson, a spokesperson for Macquerie Corporate and Asset Finance, said:
“We are pleased to be working with BYD and Nexport to support the roll-out of BYD’s electric commercial vehicle line in Australia and New Zealand. This is an exciting opportunity to work with a uniquely experienced team to deliver cost effective and proven low emission vehicle solutions to commercial vehicle operators in the region. We see increasing interest in fleet and rental solutions in a range of industries and markets where demand for LEV’s is growing, and look forward to working with BYD to explore this, not only in electric trucks, but also other significant EV markets, such as airports and logistics.”
Dominion holds BYD in its Global Trends Managed Fund.
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